Power Group’s 2018 VPX Bookings Up 90% Over Prior Year
Consolidated Bookings Approximated $6,000,000 for the Fourth Quarter
HAUPPAUGE, N.Y., Jan. 03, 2019 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group (“OEG”) exceeded $1,450,000 for the month of December 2018.
Bookings for the month of December were highlighted by an approximately $730,000 order received by the OEG for a switch panel and an approximately $290,000 display, both used on military aviation programs. Other awards received by the OEG during the month were for switch panels, keyboards and displays. Deliveries for the awards received during December are expected to commence in the first quarter of 2019 and continue through the fourth quarter of 2019.
Mitchell Binder, President and CEO of Orbit International commented, “This very good month of OEG bookings completes a strong $4,000,000 quarter of bookings for our OEG. In addition, consolidated bookings, including our Orbit Power Group (“OPG”) were approximately $6,000,000 for the quarter. Our consolidated outlook for 2019 remains positive with follow-on orders expected on a majority of our major military programs along with several additional opportunities that could result in significant awards, although timing is an uncertainty.”
Binder continued, “Our OPG had a solid month of bookings for its VPX products, including an expected order for qualification units from a large military contractor. We are hopeful that production awards for this product will commence during the second half of 2019. This contract, along with others received during the month, resulted in total 2018 bookings nearly doubling for our VPX technology as compared to the prior year. We are encouraged by the pace of new additional opportunities that we are receiving and believe we are well positioned to grow this part of our business once again in 2019.”
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military and nonmilitary government applications through its production facility in Hauppauge, New York. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has a sales office in Thousand Oaks, CA.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
President & Chief Executive Officer